Property developer sentenced to additional ten years

3 Rhagfyr, 2013 | Eitemau newyddion

Saghir Ahmed Afzal has been sentenced today at Westminster Magistrates’ Court to ten years’ imprisonment for failure to pay a confiscation order.

Saghir Afzal of Birmingham was originally sentenced in June 2011 to 13 years’ imprisonment for a £49 million mortgage fraud.  The offences, committed between 1 April 2004 and 15 January 2006, involved two counts of conspiracy to obtain money transfers by deception and four counts of obtaining a money transfer by deception.  In August of that same year he was ordered to pay £29,276,565 confiscation within six months or incur a default sentence of ten years’ imprisonment.

The default sentence imposed today will be served after the original sentence unless the confiscation order plus accrued interest is paid in full.

Notes to editors:

1.     For further information on this case please see charge press release from 18 December 2009, the sentencing press release from 14 June 2011.

2.     In total Saghir Afzal has paid £92,538.69 towards the original confiscation order.

3.     The investigation was conducted with the assistance of West Midlands Police.

4.     There is an arrest warrant for the brother of Saghir Afzal, Nisar Afzal who is thought to be in Pakistan.

5.     Co-defendant Ian McGarry is contesting the confiscation order with no current court date fixed

6.     The outstanding balance of the confiscation order is £30,965,879.50 which is accruing interest at £6,396.50 per day

7.     The appointment of an enforcement receiver will be sought shortly.

8.     Other SFO cases which include lengthy sentences include Asil Nadir, Nicholas David Andrew Levene, Kevin Foster, Achilleas Kallakis, Virendra Rastogi and Abbas Gokal.